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Joe Lubin y Jimmy Song Formalize a Bet On the Future of DApps. Who Will Win?

After more than a year of discussions,  ConsenSYS
founder Joe Lubin and BTC evangelist Jimmy Song finally materialized a bet in
which the future of the DApps will determine the winner.

Joe Lubin Believes Dapps will revolutionize the World Wide Web
Joseph Lubin

The two famous crypto influencers talked face to face during Consensus 2019, which takes place from May 12 to 15. Coindesk’s mediator managed to put both of them in agreement on the terms of the bet.

According to the proposed terms, if Ethereum is successful
enough to have at least 15 applications with 10000 active users per day and
100000 active users per month for a period of 6 months and before May 23,
2023, Jimmy Song will send 69.74 BTC to Lubin. If the conditions are not met,
Lubin will pay Jimmy Song 810.8 ETH.

The price gap is large because they used the referential
price of each token during last year. The average amount in fiat was about
500,000 to 600,000 dollars in both cryptos, however, neither Song nor Lubin
wanted to renegotiate these amounts.

In order to guarantee transparency, they proposed an escrow
on which there was also an agreement, however; they did not reveal their name
because at the time of the interview this anonymous person had not yet
consulted on their willingness to fulfill this role.

The bet had been postponed several times because of
communication difficulties. Lubin expressed that this was a higher priority for
Song than for him, but he never refused to bet. The nonconformities arose at
the moment of determining what they could consider as an active user and
what defined a “successful” DApp.

Jimmy Song doesn't believe DApps have a future
Jimmy Song

Song wanted to define an active user as the person who paid for using the DApp, however, Lubin explained that this was unfair since there are many applications (such as Facebook) which are free to use. Finally, they agreed that the user did not have to carry out the transaction, as the DApp administrator could assume it (but there should always be an expense or tx in the blockchain).

The bet happened because Song doesn’t believe that DApps should exist. From his point of view, it is always easier and more efficient to develop a centralized application than a Dapp, and any DApp can achieve the same results using central servers. For this reason, he believes that over time these developments will disappear.

For his part, Lubin defends Ethereum and is sure that Dapps will revolutionize the way the world sees the world wide web. This idea is reinforced by the advances around Ethereum 2.0, a technology that promises to improve the efficiency of this blockchain considerably.

The full video of this agreement is available here

The post Joe Lubin y Jimmy Song Formalize a Bet On the Future of DApps. Who Will Win? appeared first on Ethereum World News.

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ConsenSys-Backed Kaleido Launches B2B Tech Stack With ‘Plug-and-Play’ Features

Kaleido says the tech stack brings together the tools and technologies businesses need to build modern networks.

Kaleido has launched a new business-to-business (B2B) tech stack with a view to helping companies “reinvent their core payment systems and supply chains,” according to a news release obtained by Cointelegraph on May 15.

The ConsenSys-backed company said the stack brings together the necessary tools and technologies that businesses need to build modern networks delivering operational improvements and new revenue streams.

According to Kaleido, businesses that use its platform will easily be able to digitize assets by issuing custom tokens. Other features, including an asset registry, document store and app-to-app messenger, are “plug and play” — and the company says this means enterprises will no longer need specialized skills in order to build and benefit from decentralized applications.

Steve Cerveny, the founder and CEO of Kaleido, said:

“Blockchain has brought a radically better way for businesses to solve an age-old problem of transacting with trust and transparency. The leading networks we’re partnering with are spotting pockets of this future before everyone else does.”

Kaleido claims it has helped multinational corporations including T-Mobile, Heineken, Sony, Shell and Fox implement blockchain-based solutions in their businesses.

In November, Kaleido and Amazon Web Services launched a marketplace to help enterprises implement blockchain solutions — a move designed to eliminate the custom code required to build blockchain projects.

Last May, the Enterprise Ethereum Alliance released its architecture stack, which was designed to standardize specifications for Ethereum-based business applications. The group has hundreds of major companies among its members, including Santander and JPMorgan.

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Ethereum Consortium Launches New Enterprise Tools With Input From Microsoft, Intel

The blockchain standards organization has released two new specifications aiming to enhance blockchain implementation for enterprises.

Member-driven blockchain standards organization the Enterprise Ethereum Alliance (EEA) has released two new specifications aiming to accelerate and enhance blockchain implementation for enterprises. The news was shared with Cointelegraph in two press releases on May 13.

The EEA, which counts over 500 members, describes itself as a “standards organization whose charter is to develop open, blockchain specifications that drive harmonization and interoperability.”

EEA members include global consulting firm Accenture, banks Santander and JPMorgan Chase, blockchain incubator ConsenSys, Big Four auditor EY, tech giants Intel, Microsoft and IBM and blockchain consortium R3.

One of today’s newly-released specifications is a set of standard application programming interfaces (APIs) — published as the EEA Off-Chain Trusted Compute Specification V1.0 — which support development work with programs for blockchain transactions that demand privacy, oracle services and compute-intensive workloads.

The off-chain solution is reportedly designed to enable enterprises to choose the most appropriate trusted compute technology for their use case — supporting methods such as Trusted Execution Environments, Zero-Knowledge Proofs and Trusted Multi-Party-Compute.

In a statement accompanying the solution’s release, EEA executive director Ron Resnick acknowledged in particular the input of EEA members such as Microsoft, Intel, Banco Santander and ConsenSys.

He noted that many enterprise blockchain use cases demand complex “privacy, security, throughput, and latency” solutions, and thus that:

“Temporarily moving some transactions off-chain for computation elsewhere, and then returning a summary to the main chain is a promising method for achieving such requirements.”

EEA’s parallel new release is the Enterprise Ethereum Client Specification V3, which reportedly simplifies and makes the Client’s permissions systems more flexible.

To develop the latest specification, the EEA Technical Standards Working Group tackled performance and interoperability issues based upon feedback from users and cross-industry EEA Special Interest Groups.

It also heeded the implementation experience and customer feedback for BlockApps’, Clearmatics’, ConsenSys’, and JPMorgan Quorum’s enterprise blockchain software.

As Cointelegraph reported in April, the EEA launched a blockchain-neutral Token Taxonomy Initiative which will seek to define tokens in non-technical and cross-industry terms in a bid to drive enterprise token adoption at scale.

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Mike Novogratz: Web 3.0 Will Change the World, Not Bitcoin

Galaxy Digital CEO Mike Novogratz argued that not bitcoin, but web 3.0 will change the world, since BTC is just a store of value.

The world’s largest cryptocurrency, bitcoin (BTC), is not going to change the world as it is just a store of value, Galaxy Digital CEO Michael Novogratz said at ConsenSys’ Ethereal Summit on May 11.

Major bitcoin bull and former Wall Street exec Novogratz made his comments during a speech entitled “The Herd Is Still Coming!” at the industry event, which Cointelegraph attended as a media partner.

Starting with bitcoin, “as it came first,” Novogratz claimed that the coin has “really establishing itself as a store of value,” noting that it is “kind of finished” in terms of fulfilling its use case as a store of value. Novogratz also compares the asset to gold, arguing that both have value as a social construct.

Since bitcoin represents a store of value or acts as a “digital gold,” it is “not going to change the world,” Novogratz argued. He further stated that instead it is web 3.0 that “has the potential to change the world.” According to Novogratz, web 3.0 envisions a revolution in how networks function and data is treated as it is “a decentralized platform to process information. It’s separating data from the processing of it.” The investor noted that public ecosystems such as Ethereum and “lots of competitors are all vying for this space.”

Comparing various cryptocurrencies with chemical elements in the periodic table, Mike also considered the role of altcoins, hinting that each coin will have “to prove themselves out” in order to provide a certain use case. On this note, Novogratz argued out that “there’s no one building anything on the litecoin blockchain,” as opposed to the Ethereum blockchain, referencing a recent tweet of his.

Novogratz elaborated in his talk:

“If you really think bitcoin is gonna win this store of value, everything else needs to be used for something.”

Recently, Novogratz made yet another bitcoin prediction, claiming that the major cryptocurrency will beat its all-time-high record of $20,000 within the next 18 months.

Meanwhile, crypto markets have rallied since Friday, with bitcoin surging over 10% today to press time, breaking over the $7,000 threshold after trading around $4,000 for most of 2019.

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Vitalik Buterin, Joseph Lubin Each Donate 1,000 Ether to Moloch DAO

Joseph Lubin, Vitalik Buterin, ConsenSys, and the Ethereum Foundation donate 1,000 ETH apiece to new Ethereum infrastructure development fund.

Ethereum founders Joseph Lubin and Vitalik Buterin and their respective organizations ConsenSys and the Ethereum Foundation are each donating 1,000 ether (ETH) to the Moloch decentralized autonomous organization (DAO).

This donation brings the organization’s total funds up to $1 million,  a Cointelegraph correspondent learned at the Ethereal Summit on May 10.

The stated objective of Moloch DAO, created by Ameen Soleimani — the CEO of the Ethereum-based adult token platform Spankchain — aims to crowdsource funding for shared, open-source Ethereum infrastructure. Moloch DAO states:

“Our objective is to accelerate the development of public Ethereum infrastructure that many teams need but don’t want to pay for on their own. By pooling our ETH, teams building on Ethereum can collectively fund open-source work we decide is in our common interest.”

Ethereum co-founder Vitalik Buterin previously acted as an advisor to a different Ethereum crowdfunding project, the Ethereum Community Fund (ECF), which was initially endowed with $100 million to go toward infrastructure developments. The ECF named their first five grant recipients at the beginning of 2018, and announced the second cohort of recipients in August 2018.

One example of these infrastructure development grants is second cohort recipient and crypto researcher Patrick McCorry’s work on improving the speed and security of Ethereum state/payment channels.

As previously reported by Cointelegraph, Lubin has high hopes for the future of Ethereum, believing that Ethereum will form the backbone for the next generation of the Internet:

“My feeling is this is just the next Internet. This is World Wide Web version three. We are going to be delivering applications that look like Web pages or Web applications or that look like mobile applications. They will just have this different kind of database in the backend that is a much more trustworthy database that enables easy interoperation amongst lots of other things.”

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Joseph Lubin on Bitfinex: It Seems Like a Really Big Mess That Probably Won’t Get Better

Joseph Lubin, founder of blockchain tech company ConsenSys, said that the situation with cryptocurrency trading platform Bitfinex will not likely get better.

Joseph Lubin, founder of blockchain tech company ConsenSys, expressed his pessimism regarding the recent situation with cryptocurrency trading platform Bitfinex, Bloomberg reported on May 9.

Speaking at the Fluidity Summit conference, Lubin said that “it seems like a really big mess that probably won’t get better. Tether is somewhat important to our ecosystem because it’s used by different institutions to effect more fluid trading.”

Lubin noted however, that the turmoil surrounding Tether and Bitfinex could drive growth in other stablecoins:

“There are other price-stable tokens out there —  many others — and I think they’re going to gain traction because of this. I think that will be a really good thing.”

As previously reported, in late April, the New York State Attorney General (NYAG) alleged that Bitfinex lost $850 million and subsequently used funds from affiliated firm Tether, that stands behind the eponymous stablecoin, to covertly cover the shortfall. Shortly after, Tether and Bitfinex responded to the accusations with a statement claiming that court filings by the NYAG’s office were “riddled with false assertions.”

Tether has since confirmed preexisting rumors that its tokens did not have full dollar reserve backing, and was in fact only 74% backed by U.S. dollars and other reserves.

Lubin also stated that “all prices on the planet are being manipulated. Any time that well-resourced actors can get in there and do something, you have to expect them to do that. So we need to build better systems.”

Last month, Cointelegraph reported that ConsenSys, Lubin’s firm, was trying to attract outside investors to raise $200 million. The company’s executives reportedly talked to investors in Hong Kong and South Korea, but has purportedly not found a lead investor.

ConsenSys reportedly closed 2018 with just $21 million in revenue coming mostly from its enterprise consulting business, and is planning its revenue to be more than $50 million in 2019, with around $40 million coming from its services business.

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Justin Sun, Co-founder Tron (TRX): “Chinese Companies Must Put in 5X the Effort to subvert Public Perception”

Tron TRX

The supreme objective of NEO and Tron is to make the
blockchain future better, faster, secure and useful. Although NEO is unfairly
described as the “Ethereum of China”, it should be observed and noted that objective
of Da Hang is to create a smart economy based on the blockchain. It rightfully deserves
it position as an alternative, smart contracting platform and a worthy
competitor of Ethereum, not a version or a clone of “Ethereum”.

NEO Versus Tron

However, challenging NEO is Tron, an aggressive Chinese blockchain
company that is not only building but is aggressive creating ramps where users
can migrate from Ethereum to their scalable and decentralized platform. Like NEO
both have smart contracting capabilities but on a lower level, NEO is inclined
to shape crowd-funding and create a smart economy. Tron, however, is “out to embrace the world” and aspire to “to
become companies like Alibaba Group or Byte Dance (famous for TouTiao or
Today’s Headline app) whose products are used by people all over the world.”

On a micro-level, Tron, unlike NEO, has a high throughput
and plans to “decentralize the web” with
a focus of revolutionizing the entertainment industry. The network boasts high throughput
meaning it is scalable, institutional ready and the main proponent Misha
Lederman says the network is yet to show its true potential.

The Bakkt Application

Towards their goal, Tron is simply not relenting. Despite
their high market cap, they are out of the top-10 even after a successful
BitTorrent ICO. All the same proponents want the coin to have Bakkt Support. Misha
revealed that they wrote to Bakkt arguing their case why Tron (TRX) should have
the same support as Bitcoin, the world’s most valuable asset.

In his letter, Misha made a case for Tron saying it is one
of the most traded assets with support from over 60 cryptocurrency exchanges
where traders can choose from 130 trading pairs of crypto and fiat. It is this level
of accessibility, Misha continues, that further gives Tron (TRX) the credence
and more reasons for addition at the Bakkt platform.

The ardent Tron supporter further explains that the Tron’s
popularity has seen the network’s user base explode and in Nov 2018, the number
of public addresses and active users blew past the one million mark. All this
time, the network kept up with increasing demand and didn’t at one-point clog but
remained fast with ultra-high throughput.

Even so, the network remains underutilized and just 0.5
percent of the network capacity is in use. However, what’s note worthy during
this time is BitTorrent acquisition and consequent tokenization from the
Binance Launchpad. That and the integration of PEIWO into the Tron protocol
will have far reaching positive consequences on the Tron’s user base.

Joseph Lubin Criticism

Nonetheless, Joseph Lubin, the founder of ConsenSys Media is
doubtful of Tron and EOS, the two competing platforms ranked above Ethereum by
the CCID. In an interview with Tom Shaughnessy, host of the Podcast “51%” and reported
by Ethereum World News,
he says they successfully raised money from investors but will likely not meet
their objectives.

“Some projects are certainly intending to be competitive with Ethereum, some projects are focusing on marketing to be competitive with Ethereum – Tron and EOS in that basket – and both of them have kind of taken an approach of ‘raise a bunch of money and fake it till you make it’ basically, and we’ll see how that goes.”

But now, Justin Sun, the co-founder of Tron, seems to be countering
Joseph Lubin argument saying:

“In the global market, a Chinese originated company will need to make more efforts and overcome more obstacles to be successful. But how do we subvert the public’s perception? The only way is to make products that are at least five times better than those of others, and double our efforts in addition.”

The post Justin Sun, Co-founder Tron (TRX): “Chinese Companies Must Put in 5X the Effort to subvert Public Perception” appeared first on Ethereum World News.

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ConsenSys Announces Major Restructuring as Longtime Executive Kavita Gupta Steps Down

The Ethereum startup is hoping to galvanize itself following a difficult period amid plans to raise $200 million.

New York-based blockchain company ConsenSys is restructuring its various operations to shore up its market presence as it seeks $200 million in funding, a press release confirmed on May 6.

In a move which will also see the departure of a founding executive, ConsenSys will consolidate ConsenSys Labs, accelerator Tachyon and VC operation, ConsenSys Ventures, under one umbrella investment arm.

ConsenSys Ventures, which launched in September 2017, will no longer have Kavita Gupta at its helm, she confirmed to cryptocurrency news outlet The Block on Monday.

“To continue to scale our investment activities, we need to consolidate systems and operations to improve our efficiency and portfolio management, while providing the best possible experience for founders in every phase of the company building lifecycle,” ConsenSys founder Joseph Lubin commented in the press release. He added:

“As the market matures and grows, we are redesigning our investment activities to reflect our learnings and established best practices.”

As Cointelegraph reported, the firm’s recent pledge to raise $200 million follows a difficult year, in which the cryptocurrency bear market saw it resigned to cut staff numbers.

Gupta, who has been with ConsenSys since its inception, will stay on in an advisory role.

Other executives remain upbeat about the future, as 2019 looks set to reverse some of the losses seen throughout the previous year, including with ConsenSys’ lifeline, ether (ETH).

“We are at an incredibly exciting inflection point in our ecosystem; we are seeing many successful founders from the Web 2.0 era turning to Ethereum and choosing to partner with ConsenSys as they look to build their next ventures,” ConsenSys Labs managing partner, Ron Garrett, added. He continued:

“ConsenSys is committed to pushing the limits of what venture capital means in an industry redefining decades-old investment norms.”